ENFORCEMENT

    Enforcement

    US Regulators Probe Celsius Suspension of Crypto Withdrawals

    By Editors | 20/06/2022

    Withdrawals have been suspended one week. Celsius says it is continuing efforts to stabilise its liquidity and operations, and that the process “will take time”.

    Enforcement

    Malaysia SC Charges Former Investment Banker for Deception

    By Editors | 19/06/2022

    The former Hong Leong investment banker deceived four investors into investing in investment schemes that in reality did not exist, the SC said.

    Enforcement

    Australia: Allianz, AWP Plead Guilty for Making False Statements

    By Editors | 19/06/2022

    Charges were filed against Allianz Australia Insurance and AWP Australia in February last year.

    Enforcement

    Australian Court Fines Money Transfer Firm for Exchange Rate Fixing

    By Editors | 18/06/2022

    Four individuals were also sentenced to jail on criminal cartel charges, but they were released on good behaviour bonds.

    AML / KYC

    SFC Fines China Everbright Securities for AML/CFT Violations

    By Editors | 16/06/2022

    Unrelated clients received deposits from the same third party within four days, and then used the funds to trade in the same stock.

    Enforcement

    US SEC Penalises Schwab Over Robo-Adviser Disclosures

    By Editors | 16/06/2022

    High cash balances resulted in lower returns for robo-adviser clients.  The effect of this “cash drag” was not disclosed to clients, the SEC said.

    AML / KYC

    UK OFSI Gets Stronger Powers to Punish Sanctions Breaches

    By Editors | 16/06/2022

    OFSI will no longer have to prove a person had knowledge or reasonable cause to suspect they were in breach of sanctions to impose a civil penalty.

    Enforcement

    NZ FMA Fines Cigna for ANZ Product Distribution Failures

    By Editors | 15/06/2022

    ANZ was fined last year for making misleading representations when distributing CCRI policies, many of which were issued by Cigna and OnePath.

    ESG / Sustainability

    US SEC Probes Goldman Sachs for Suspected Greenwashing

    By Editors | 14/06/2022

    The SEC is reportedly investigating whether disclosures made to clients accurately described the investment practices used by two Goldman funds.

    Enforcement

    UK FCA Places Credit Suisse on Regulatory Watchlist

    By Editors | 14/06/2022

    Credit Suisse was added to the FCA’s watchlist due to concerns that it was not doing enough to improve its culture, governance and risk controls.

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